Caregiving for others a hidden factor
TORONTO, June 18, 2013 /CNW/ - As they approach retirement, Canada's
younger boomers (aged 50-59) are focusing on health concerns over finances, with 70 per cent
ranking changes to their physical health highest on the list of top
challenges they expect to face as retirees, according to the 2013 RBC Retirement Myths & Realities Poll. Finances ranked a distant second, with 57 per cent expecting changes
to income to be a challenge during retirement. Within these rankings, men (73 per cent) are particularly concerned about changes to their
health, compared to women (66 per cent).
"Younger boomers are more health-conscious as they near and enter
retirement. Watching their older relatives and friends age has made
this generation more aware that good health is not something to take
for granted," said Amalia Costa, head of Retirement Strategies &
Successful Aging, RBC. "What they aren't yet as aware of, however, is
that health issues of their loved ones may have an impact on their
retirement plans - not only on their finances, but also in terms of
time commitment and emotional stress. It's important to work with a
financial advisor to take all aspects of aging into account when making
The RBC poll, now in its fourth year, continues to underline how
expectations don't always match realities. For example, while
four-in-10 younger boomers (40 per cent) don't expect health or disability constraints to ever change their lifestyle or independence, almost three-in-10 (27
per cent) report that a significant health issue or decline has affected them or someone in their family within the past year.
At the same time, 42 per cent of these younger boomers responded that
being a caregiver to another adult was a support role they had already performed, were doing now or expected to do in future.
Some of the impact of that caregiving, already experienced or expected by younger boomers, include:
Significant increase in stress levels (50 per cent)
Significant out-of-pocket expenses (24 per cent)
Moving/making accommodation changes (18 per cent)
Reducing number of paid hours worked (15 per cent)
Recognizing the importance of advice and resources for Canadians
providing care for aging relatives and friends, RBC has just introduced
a series of online caregiving videos and articles within its new "Seniors Finance and Caregiving" section on the RBC Advice Centre. Topics covered include The Emotional
and Financial Impacts of Caregiving, Caregiving from a Distance,
Balancing Work and Caregiving, Financial Costs of Care and Avoid
Caregiver Burnout - Ten Top Tips.
"This RBC online resource centre will be invaluable for caregivers, as
they juggle the demands of their own lives with those of seniors who
are near and dear to them and in need of additional support," noted
Audrey Miller, managing director of Elder Caring Inc., which helps
individuals and families across Canada cope with geriatric care issues.
"Caregivers nearing retirement are often particularly affected, as they
can find themselves looking after elderly parents as well as their
spouses or partners and other aging family members and friends. It's
important for all caregivers to know they are not alone, that there are
very helpful resources readily available to assist them."
About RBC Seniors Finance and Caregiving
Seniors Finance and Caregiving is a new online resource centre which includes comprehensive
information for Canadians seeking support to help them care for aging
relatives and friends or plan for their own future care needs.
Caregiving resources include advice from caregiving experts as well as
active caregivers and financial advice from RBC advisors related to
caregiving needs. All resources are available at www.rbcadvicecentre.com/seniorscare.
About the Fourth Annual RBC Retirement Myths & Realities Poll
This annual poll examines Canadians' expectations and experiences in
retirement. It was conducted via online interviews by Ipsos Reid from
February 27 to March 12, 2013, using a national sample of 2,159 adults
aged 50 and over with household assets of at least $100,000 from Ipsos'
Canadian online panel. A survey with an unweighted probability sample
of this size and a 100 per cent response rate would have an estimated
margin of error of ±2 percentage points 19 times out of 20 of what the
results would have been had the entire population of adults in Canada
been polled. All sample surveys and polls may be subject to other
sources of error, including, but not limited to coverage error, and
For further information:
Kathy Bevan, RBC, 416 974-8820
Bethany Fracassi, RBC, 416 974-2138